Streamline Health Solutions, Inc. (“Streamline” or
the “Company”) (Nasdaq: STRM), a leading provider of solutions that
enable healthcare providers to proactively address revenue leakage
and improve financial performance, today announced financial
results for the third quarter of fiscal 2022, which ended October
31, 2022.
Fiscal Third
Quarter and Nine
Months Ended October 31,
2022 GAAP Financial
Results
The following financial results have been
prepared in accordance with Generally Accepted Accounting
Principles (“GAAP”). Fiscal third quarter 2022 financial results
represent the consolidation of the Company with Avelead Consulting,
LLC (“Avelead”), which was acquired in the fiscal third quarter
2021. Fiscal third quarter 2021 GAAP financial results reflect
results from Avelead’s operations from the date of acquisition,
August 16, 2021.
Total revenue for the third quarter of fiscal
2022 was $6.2 million, a 13% increase from $5.5 million during the
third quarter of fiscal 2021. The increase in revenue for the
quarter was the result of higher revenue from SaaS and professional
services. Total revenue for the nine months ended October 31, 2022
increased 60% to $18.1 million compared to $11.3 million for the
nine months ended October 31, 2021. During the third quarter of
fiscal 2022, SaaS revenue grew $0.4 million or 14% compared to the
third quarter of fiscal 2021 and during the nine months ended
October 31, 2022, $3.8 million or 72% compared to the first nine
months of fiscal 2021.
Loss from continuing operations for the third
quarter of fiscal 2022 was ($3.1) million, as compared to loss from
continuing operations of ($4.4) million during the third quarter of
fiscal 2021. Loss from continuing operations in the third quarter
of fiscal 2021 included other expenses of ($0.6) million primarily
related to interest expense and valuation adjustments.
Loss from continuing operations for the first
nine months of fiscal 2022 was ($9.2) million, as compared to loss
from continuing operations of ($6.9) million during the first nine
months of fiscal 2021. During the first nine months of fiscal 2021
the Company reported a one time gain of $2.3 million of other
income related to the forgiveness of the PPP loan, which was the
primary driver of the higher loss from continuing operations for
the first nine months of fiscal 2022.
Fiscal Third
Quarter and Nine
Months Ended October 31,
2022 Pro Forma and Non-GAAP Financial
Results
The following financial results for Fiscal 2021
are pro forma and have not been prepared in accordance with GAAP.
These pro forma financial results represent the consolidation of
the Company with Avelead as if Avelead’s operations were fully
recognized during the comparable period.
Total revenue for the third quarter of fiscal
2022 was $6.2 million, up slightly compared to pro forma revenue of
approximately $6.1 million for the third quarter of fiscal 2021.
Total revenue for the nine months ended October 31, 2022 was $18.1
million, an increase of 9% compared to pro forma revenue of $16.6
million for the nine months ended October 31, 2021. For the third
quarter of fiscal 2022, SaaS revenue comprised $3.2 million of
revenue, up slightly compared to pro forma SaaS revenue of
approximately $3.1 million for the third quarter of fiscal 2021.
For the first nine months of fiscal 2022, SaaS revenue totaled $9.2
million, an increase of 7% compared to pro forma SaaS revenue of
$8.6 million for the first nine months of fiscal 2021.
Total revenue of $6.2 million for the three
months ended October 31, 2022 includes $2.8 million of revenue from
Avelead. The pro forma revenue of approximately $6.1 million for
the third quarter of fiscal 2021 includes $2.6 million of revenue
from Avelead. Total revenue of $18.1 million for the nine months
ended October 31, 2022 includes $7.8 million of revenue from
Avelead. The pro forma revenue of approximately $16.6 million for
the nine months ended October 31, 2021 includes $7.3 million of
revenue from Avelead.
Adjusted EBITDA for the third quarter of fiscal
2022 was a loss of ($1.2) million, compared to an adjusted EBITDA
loss of ($0.3) million in the third quarter of fiscal 2021.
Adjusted EBITDA for the nine months ended October 31, 2022 was a
loss of ($3.6) million, compared to an Adjusted EBITDA loss of
($1.7) million for the nine months ended October 31, 2021. The
increased loss from Adjusted EBITDA during the third quarter and
first nine months of fiscal 2022 was driven by increased headcount,
higher spend on research and development, accrual for performance
bonuses and increased travel and entertainment spend as compared to
the prior year.
As of October 31, 2022, the Company’s total
Booked SaaS Annual Contract Value (“ACV”) was $14.9 million. This
can be compared to Booked SaaS ACV of $10.6 million as of January
31, 2022. Subsequent to the end of the third quarter of fiscal
2022, the Company successfully executed on new bookings, and as of
November 30, 2022 the Company reported $15.9 million of Booked SaaS
ACV. The Booked SaaS ACV represents the annualized value of all
executed SaaS contracts, including contracts that have not been
fully implemented, as of the measurement date, assuming any
contract that expires during the twelve months following the
measurement date is renewed on its existing terms unless the
Company has knowledge of the non-renewal.
Management Commentary
“At the end of our third quarter, we initiated
our strategic alignment entering a new chapter of the Streamline
story enabling us to maintain growth while prioritizing near term
cash generation,” said Tee Green, Chief Executive Officer,
Streamline Health. “Our mission to ensure heathcare providers can
capture 100% of the revenue they’ve earned is resonating in the
market, and we maintain our expectation of exiting fiscal 2022 with
at least $17 million of Booked SaaS ACV.”
Conference Call
The Company will conduct a conference call on
Thursday, December 15, 2022 at 9:00 AM ET to review results and
provide a corporate update. Interested parties can access the call
by joining the live webcast: click here to register. You can also
join by phone by dialing 877-407-8291.
A replay of the conference call will be
available from Thursday, December 15, 2022, at 12:00 PM ET to
Thursday, December 22, 2022 at 12:00 PM ET by dialing 877-660-6853
or 201-612-7415 with conference ID 1374705. An online replay of the
presentation will also be available for six months following the
presentation in the Investor Relations section of the Streamline
website, www.streamlinehealth.net.
About Streamline Health
Streamline Health Solutions, Inc. (Nasdaq: STRM)
enables healthcare organizations to proactively address revenue
leakage and improve financial performance. We deliver integrated
solutions, technology-enabled services and analytics that drive
compliant revenue leading to improved financial performance across
the enterprise. For more information, visit
www.streamlinehealth.net.
Non-GAAP Financial Measures
Streamline reports its financial results in
accordance with U.S. generally accepted accounting principles
(“GAAP”). Streamline’s management also evaluates and makes
operating decisions using various other measures. One such measure
is adjusted EBITDA, which is a non-GAAP financial measure.
Streamline’s management believes that this measure provides useful
supplemental information regarding the performance of Streamline’s
business operations.
Streamline defines “adjusted EBITDA” as net
earnings (loss) plus interest expense, tax expense, depreciation
and amortization expense of tangible and intangible assets,
share-based compensation expense, significant non-recurring
operating expenses, and transactional related expenses including:
gains and losses on debt and equity conversions, associate
severances and related restructuring expenses, associate
inducements, and professional and advisory fees. A table
reconciling this measure to “loss from continuing operations” is
included in this press release.
Booked SaaS ACV represents the annualized value
of all executed SaaS contracts, including contracts that have not
been fully implemented, as of the measurement date, assuming any
contract that expires during the twelve months following the
measurement date is renewed on its existing terms unless the
Company has knowledge of the non-renewal. Booked SaaS ACV should be
viewed independently of revenue and does not represent revenue
calculated in accordance with GAAP on an annualized basis, as it is
an operating metric that can be impacted by contract execution
start and end dates and renewal rates. Booked SaaS ACV is not
intended to be a replacement for, or forecast of, revenue. There is
no GAAP measure comparable to Booked SaaS ACV.
Safe Harbor Statement
under the Private Securities Litigation Reform Act of
1995
Statements made by Streamline Health Solutions,
Inc. that are not historical facts are forward-looking statements
that are subject to certain risks, uncertainties and important
factors that could cause actual results to differ materially from
those reflected in the forward-looking statements included herein.
Forward-looking statements contained in this press release include,
without limitation, statements regarding the Company’s growth
prospects, estimates of anticipated cash flow generation,
anticipated bookings, recognition of revenue from contracts
included in Booked SaaS ACV, industry trends and market growth,
results of investments in sales and marketing, success of future
products and related expectations and assumptions. These risks and
uncertainties include, but are not limited to, the timing of
contract negotiations and execution of contracts and the related
timing of the revenue recognition related thereto, the potential
cancellation of existing contracts or clients not completing
projects included in the backlog and Booked SaaS ACV, the impact of
competitive solutions and pricing, solution demand and market
acceptance, new solution development and enhancement of current
solutions, key strategic alliances with vendors and channel
partners that resell the Company’s solutions, the ability of the
Company to control costs, the effects of cost-containment measures
implemented by the Company, availability of solutions from third
party vendors, the healthcare regulatory environment, potential
changes in legislation, regulation and government funding affecting
the healthcare industry, healthcare information systems budgets,
availability of healthcare information systems trained personnel
for implementation of new systems, as well as maintenance of legacy
systems, fluctuations in operating results, effects of critical
accounting policies and judgments, changes in accounting policies
or procedures as may be required by the Financial Accounting
Standards Board or other similar entities, changes in economic,
business and market conditions impacting the healthcare industry
generally and the markets in which the Company operates and
nationally, the Company’s ability to maintain compliance with the
terms of its credit facilities, and other risks detailed from time
to time in the Streamline Health Solutions, Inc. filings with the
U. S. Securities and Exchange Commission. Readers are cautioned not
to place undue reliance on these forward-looking statements, which
reflect management’s analysis only as of the date hereof. The
Company undertakes no obligation to publicly release the results of
any revision to these forward-looking statements, which may be made
to reflect events or circumstances after the date hereof or to
reflect the occurrence of unanticipated events, except as required
by law.
Company
Contact
Jacob GoldbergerDirector, Investor Relations and
FP&A303-887-9625Jacob.goldberger@streamlinehealth.net
STREAMLINE HEALTH SOLUTIONS,
INC.UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(rounded
to the nearest thousand dollars, except share and per share
information)
|
|
Three Months EndedOctober
31, |
|
|
Nine Months EndedOctober 31, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Total Revenue |
|
$ |
6,217,000 |
|
|
$ |
5,514,000 |
|
|
$ |
18,144,000 |
|
|
$ |
11,333,000 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
|
3,570,000 |
|
|
|
2,623,000 |
|
|
|
9,983,000 |
|
|
|
5,496,000 |
|
Selling, general and
administrative expense |
|
|
4,053,000 |
|
|
|
3,439,000 |
|
|
|
12,488,000 |
|
|
|
8,507,000 |
|
Research and development |
|
|
1,754,000 |
|
|
|
1,339,000 |
|
|
|
4,527,000 |
|
|
|
3,280,000 |
|
Acquisition-related costs |
|
|
2,000 |
|
|
|
1,933,000 |
|
|
|
141,000 |
|
|
|
2,710,000 |
|
Total operating expenses |
|
|
9,379,000 |
|
|
|
9,334,000 |
|
|
|
27,139,000 |
|
|
|
19,993,000 |
|
Operating loss |
|
|
(3,162,000 |
) |
|
|
(3,820,000 |
) |
|
|
(8,995,000 |
) |
|
|
(8,660,000 |
) |
Other income
(expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(198,000 |
) |
|
|
(85,000 |
) |
|
|
(519,000 |
) |
|
|
(107,000 |
) |
Loss on Extinguishment of
Debt |
|
|
— |
|
|
|
(43,000 |
) |
|
|
— |
|
|
|
(43,000 |
) |
Acquisition earnout valuation
adjustments |
|
|
163,000 |
|
|
|
(417,000 |
) |
|
|
188,000 |
|
|
|
(417,000 |
) |
Other |
|
|
68,000 |
|
|
|
(10,000 |
) |
|
|
151,000 |
|
|
|
(4,000 |
) |
Forgiveness of PPP loan and
accrued interest |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,327,000 |
|
Loss from continuing
operations before income taxes |
|
|
(3,129,000 |
) |
|
|
(4,375,000 |
) |
|
|
(9,175,000 |
) |
|
|
(6,904,000 |
) |
Income tax expense |
|
|
(9,000 |
) |
|
|
(4,000 |
) |
|
|
(22,000 |
) |
|
|
(9,000 |
) |
Loss from continuing
operations |
|
|
(3,138,000 |
) |
|
|
(4,379,000 |
) |
|
|
(9,197,000 |
) |
|
|
(6,913,000 |
) |
Income from
discontinued operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from discontinued
operations, net of tax |
|
|
— |
|
|
|
69,000 |
|
|
|
— |
|
|
|
401,000 |
|
Net loss |
|
$ |
(3,138,000 |
) |
|
$ |
(4,310,000 |
) |
|
$ |
(9,197,000 |
) |
|
$ |
(6,512,000 |
) |
Basic Earnings Per
Share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations |
|
$ |
(0.07 |
) |
|
$ |
(0.10 |
) |
|
$ |
(0.19 |
) |
|
$ |
(0.17 |
) |
Discontinued operations |
|
|
— |
|
|
|
0.00 |
|
|
|
— |
|
|
|
0.01 |
|
Net loss |
|
$ |
(0.07 |
) |
|
$ |
(0.10 |
) |
|
$ |
(0.19 |
) |
|
$ |
(0.16 |
) |
Weighted average number of
common shares – basic |
|
|
47,730,009 |
|
|
|
45,709,952 |
|
|
|
47,329,923 |
|
|
|
41,498,873 |
|
Diluted Earnings Per
Share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations |
|
$ |
(0.07 |
) |
|
$ |
(0.10 |
) |
|
$ |
(0.19 |
) |
|
$ |
(0.17 |
) |
Discontinued operations |
|
|
— |
|
|
|
0.00 |
|
|
|
— |
|
|
$ |
0.01 |
|
Net loss |
|
$ |
(0.07 |
) |
|
$ |
(0.10 |
) |
|
$ |
(0.19 |
) |
|
$ |
(0.16 |
) |
Weighted average number of
common shares – diluted |
|
|
48,143,819 |
|
|
|
46,063,803 |
|
|
|
47,613,577 |
|
|
|
41,995,266 |
|
STREAMLINE HEALTH SOLUTIONS,
INC.CONDENSED CONSOLIDATED BALANCE
SHEETS
(rounded
to the nearest thousand dollars, except share and per share
information)
|
|
October 31, 2022(unaudited) |
|
|
January 31, 2022 |
|
Current
assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
11,699,000 |
|
|
$ |
9,885,000 |
|
Accounts receivable, net |
|
|
3,322,000 |
|
|
|
3,823,000 |
|
Contract receivables |
|
|
831,000 |
|
|
|
843,000 |
|
Prepaid and other current assets |
|
|
946,000 |
|
|
|
568,000 |
|
Total current assets |
|
|
16,798,000 |
|
|
|
15,119,000 |
|
|
|
|
|
|
|
|
|
|
Non-current
assets: |
|
|
|
|
|
|
|
|
Property and equipment, net |
|
|
93,000 |
|
|
|
123,000 |
|
Right of use asset for operating lease |
|
|
80,000 |
|
|
|
218,000 |
|
Capitalized software development costs, net |
|
|
5,697,000 |
|
|
|
5,555,000 |
|
Intangible assets, net |
|
|
15,244,000 |
|
|
|
16,763,000 |
|
Goodwill |
|
|
23,089,000 |
|
|
|
23,089,000 |
|
Other |
|
|
1,216,000 |
|
|
|
948,000 |
|
Total non-current assets |
|
|
45,419,000 |
|
|
|
46,696,000 |
|
Total assets |
|
$ |
62,217,000 |
|
|
$ |
61,815,000 |
|
Current
liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
405,000 |
|
|
$ |
778,000 |
|
Accrued expenses |
|
|
3,289,000 |
|
|
|
1,803,000 |
|
Current portion of term loan |
|
|
625,000 |
|
|
|
250,000 |
|
Deferred revenues |
|
|
5,531,000 |
|
|
|
5,794,000 |
|
Current portion of lease obligation |
|
|
87,000 |
|
|
|
204,000 |
|
Acquisition earnout liability |
|
|
8,645,000 |
|
|
|
4,672,000 |
|
Total current liabilities |
|
|
18,582,000 |
|
|
|
13,501,000 |
|
Non-current
liabilities: |
|
|
|
|
|
|
|
|
Term loan, net of current portion and deferred financing costs |
|
|
9,214,000 |
|
|
|
9,654,000 |
|
Deferred revenues, less current portion |
|
|
148,000 |
|
|
|
136,000 |
|
Lease obligations, less current portion |
|
|
— |
|
|
|
33,000 |
|
Acquisition earnout liability, less current portion |
|
|
— |
|
|
|
4,161,000 |
|
Other non-current liabilities |
|
|
109,000 |
|
|
|
286,000 |
|
Total non-current liabilities |
|
|
9,471,000 |
|
|
|
14,270,000 |
|
Total liabilities |
|
|
28,053,000 |
|
|
|
27,771,000 |
|
Stockholders’
equity: |
|
|
|
|
|
|
|
|
Common Stock, $0,.01 par value, 85,000,000 shares authorized;
55,130,334 and 47,840,950 shares issued and outstanding,
respectively |
|
|
551,000 |
|
|
|
478,000 |
|
Additional paid in capital |
|
|
128,469,000 |
|
|
|
119,225,000 |
|
Accumulated deficit |
|
|
(94,856,000 |
) |
|
|
(85,659,000 |
) |
Total stockholders’ equity |
|
|
34,164,000 |
|
|
|
34,044,000 |
|
Total liabilities and
stockholders’ equity |
|
$ |
62,217,000 |
|
|
$ |
61,815,000 |
|
STREAMLINE HEALTH SOLUTIONS,
INC.UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS(rounded
to the nearest thousand dollars)
|
|
Nine months Ended October 31, |
|
|
2022 |
|
2021 |
Net Loss |
|
$ |
(9,197,000 |
) |
|
$ |
(6,512,000 |
) |
LESS: Income from discontinued operations, net of tax |
|
|
— |
|
|
|
401,000 |
|
Loss from continuing operations, net of tax |
|
|
(9,197,000 |
) |
|
|
(6,913,000 |
) |
|
|
|
|
|
|
|
|
|
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
|
|
|
Depreciation |
|
|
40,000 |
|
|
|
53,000 |
|
Amortization of capitalized software development costs |
|
|
1,293,000 |
|
|
|
1,430,000 |
|
Amortization of intangible assets |
|
|
1,519,000 |
|
|
|
721,000 |
|
Amortization of other deferred costs |
|
|
360,000 |
|
|
|
369,000 |
|
Change in fair value of acquisition earnout liability |
|
|
(188,000 |
) |
|
|
417,000 |
|
Loss on early extinguishment of debt |
|
|
— |
|
|
|
43,000 |
|
Amortization of deferred financing costs |
|
|
60,000 |
|
|
|
— |
|
Share-based compensation expense |
|
|
1,212,000 |
|
|
|
1,659,000 |
|
Provision for accounts receivable allowance |
|
|
21,000 |
|
|
|
14,000 |
|
Forgiveness of PPP loan and accrued interest |
|
|
— |
|
|
|
(2,327,000 |
) |
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts and contract receivables |
|
|
492,000 |
|
|
|
666,000 |
|
Other assets |
|
|
(868,000 |
) |
|
|
(551,000 |
) |
Accounts payable |
|
|
(373,000 |
) |
|
|
(72,000 |
) |
Accrued expenses and other liabilities |
|
|
1,159,000 |
|
|
|
774,000 |
|
Deferred revenue |
|
|
(251,000 |
) |
|
|
(305,000 |
) |
Net cash used in operating
activities |
|
|
(4,721,000 |
) |
|
|
(4,022,000 |
) |
Net cash provided by operating
activities – discontinued operations |
|
|
— |
|
|
|
406,000 |
|
Cash flows from investing
activities: |
|
|
|
|
|
|
|
|
Investment in Avelead,
Net of Cash |
|
|
— |
|
|
|
(12,354,000 |
) |
Proceeds from sale of ECM Assets |
|
|
— |
|
|
|
800,000 |
|
Purchases of property and equipment |
|
|
(10,000 |
) |
|
|
(18,000 |
) |
Capitalization of software development costs |
|
|
(1,435,000 |
) |
|
|
(1,048,000 |
) |
Net cash (used in) provided by
investing activities |
|
|
(1,445,000 |
) |
|
|
(12,620,000 |
) |
Cash flows from financing
activities: |
|
|
|
|
|
|
|
|
Repayment of bank term loan |
|
|
(125,000 |
) |
|
|
— |
|
Proceeds from issuance of term loan |
|
|
— |
|
|
|
10,000,000 |
|
Proceeds from issuance of common stock |
|
|
8,316,000 |
|
|
|
16,100,000 |
|
Payments for costs directly attributable to the issuance of common
stock |
|
|
(52,000 |
) |
|
|
(1,313,000 |
) |
Payments related to settlement of employee share-based awards |
|
|
(165,000 |
) |
|
|
(380,000 |
) |
Payment for deferred financing costs |
|
|
— |
|
|
|
(168,000 |
) |
Other |
|
|
6,000 |
|
|
|
(3,000 |
) |
Net cash provided by financing
activities |
|
|
7,980,000 |
|
|
|
24,236,000 |
|
Net increase in cash and cash
equivalents |
|
|
1,814,000 |
|
|
|
8,000,000 |
|
Cash and cash equivalents at
beginning of period |
|
|
9,885,000 |
|
|
|
2,409,000 |
|
Cash and cash equivalents at
end of period |
|
$ |
11,699,000 |
|
|
$ |
10,409,000 |
|
STREAMLINE HEALTH SOLUTIONS,
INC.NEW
BOOKINGS(rounded
to the nearest thousand dollars)
|
|
October 31, 2022 |
|
|
Three Months Ended |
|
Nine Months Ended |
Software Licenses |
|
$ |
— |
|
|
$ |
52,000 |
|
Professional Services |
|
|
123,000 |
|
|
|
1,538,000 |
|
Audit Services |
|
|
81,000 |
|
|
|
118,000 |
|
Maintenance and Support |
|
|
17,000 |
|
|
|
56,000 |
|
Software as a Service |
|
|
1,650,000 |
|
|
|
14,122,000 |
|
Q3 2022
Bookings |
|
$ |
1,871,000 |
|
|
$ |
15,886,000 |
|
Q3 2021
Bookings* |
|
$ |
2,089,000 |
|
|
$ |
6,296,000 |
|
*Bookings are presented on a total contract value basis, and
include Avelead from the acquisition date, August 16, 2021
STREAMLINE HEALTH SOLUTIONS,
INC.RECONCILIATION OF LOSS FROM CONTINUING
OPERATIONS TO NON-GAAP ADJUSTED
EBITDA(in
thousands except share
amounts, unaudited)
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
In thousands,
except per share data |
|
October 31, 2022 |
|
|
October 31, 2021 |
|
|
October 31, 2022 |
|
|
October 31, 2021 |
|
Adjusted EBITDA Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from continuing operations |
|
$ |
(3,138 |
) |
|
$ |
(4,379 |
) |
|
$ |
(9,197 |
) |
|
$ |
(6,913 |
) |
Interest expense |
|
|
198 |
|
|
|
85 |
|
|
|
519 |
|
|
|
107 |
|
Income tax expense |
|
|
9 |
|
|
|
4 |
|
|
|
22 |
|
|
|
9 |
|
Depreciation |
|
|
13 |
|
|
|
16 |
|
|
|
40 |
|
|
|
53 |
|
Amortization of capitalized software development costs |
|
|
446 |
|
|
|
446 |
|
|
|
1,293 |
|
|
|
1,430 |
|
Amortization of intangible assets |
|
|
463 |
|
|
|
490 |
|
|
|
1,519 |
|
|
|
721 |
|
Amortization of other costs |
|
|
131 |
|
|
|
110 |
|
|
|
360 |
|
|
|
338 |
|
EBITDA |
|
$ |
(1,878 |
) |
|
$ |
(3,228 |
) |
|
$ |
(5,444 |
) |
|
$ |
(4,255 |
) |
Share-based compensation expense |
|
|
555 |
|
|
|
537 |
|
|
|
1,212 |
|
|
|
1,659 |
|
Non-cash valuation adjustments |
|
|
(163 |
) |
|
|
417 |
|
|
|
(188 |
) |
|
|
417 |
|
Acquisition-related costs, severance, and transaction-related
bonuses |
|
|
387 |
|
|
|
1,953 |
|
|
|
1,010 |
|
|
|
2,730 |
|
Forgiveness of PPP loan and accrued interest |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,327 |
) |
Other non-recurring charges |
|
|
(73 |
) |
|
|
— |
|
|
|
(140 |
) |
|
|
16 |
|
Loss on early extinguishment of debt |
|
|
— |
|
|
|
43 |
|
|
|
— |
|
|
|
43 |
|
Adjusted EBITDA |
|
$ |
(1,172 |
) |
|
$ |
(278 |
) |
|
$ |
(3,550 |
) |
|
$ |
(1,717 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA per Diluted Share Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from continuing operations per common share — diluted |
|
$ |
(0.07 |
) |
|
$ |
(0.10 |
) |
|
$ |
(0.19 |
) |
|
$ |
(0.17 |
) |
Net loss per common share — diluted (2) |
|
$ |
(0.07 |
) |
|
$ |
(0.10 |
) |
|
$ |
(0.19 |
) |
|
$ |
(0.16 |
) |
Adjusted EBITDA per adjusted diluted share (1) |
|
$ |
(0.02 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.04 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average shares |
|
|
47,730,009 |
|
|
|
45,709,952 |
|
|
|
47,329,923 |
|
|
|
41,498,873 |
|
Includable incremental shares — adjusted EBITDA (3) |
|
|
413,810 |
|
|
|
353,851 |
|
|
|
283,654 |
|
|
|
496,393 |
|
Adjusted diluted shares |
|
|
48,143,819 |
|
|
|
46,063,803 |
|
|
|
47,613,577 |
|
|
|
41,995,266 |
|
(1) |
Adjusted EBITDA per adjusted diluted share for the Company’s common
stock is computed using the treasury stock method. Since the
Company was in a loss position for the periods presented, adjusted
EBITDA per adjusted diluted share is the same as adjusted EBITDA
per adjusted share as the inclusion of all potential common shares
outstanding would have been anti-dilutive. |
|
|
(2) |
Since the Company was in a loss position for the periods presented,
diluted net loss per common share is the same as basic net loss per
common share as the inclusion of all potential common shares
outstanding would have been anti-dilutive. |
|
|
(3) |
The number of incremental shares that would be dilutive under an
assumption that the Company is profitable during the reported
period, which is only applicable for a period in which the Company
reports profit. |
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